GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
21st Edition
ISBN: 9781260427202
Author: Ray Whittington, Kurt Pany
Publisher: McGraw-Hill Education
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Question
Chapter 5, Problem 6RQ
To determine
Explain the given statement related to sufficiency and the appropriateness.
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Is a good audit documentation his/her best defense in the courtroom? Explain.
A CPA accumulates various types of evidence on which to base the opinion on financial statements. Among this evidence are confirmations from third parties.Required:a. What is an audit confirmation?b. What characteristics of the confirmation process and the recipient are important if a CPA is to consider the confirmation evidence appropriate?
The statements that follow are with regard to evidence that is sufficient and appropriate. As a future auditor, you are required to indicate if you agree with each statement and provide reasons for your decisions:
a. When the auditor is making a decision on whether or not sufficient and appropriate evidence has been obtained they will first need to make considerations regarding the sufficiency of the evidence gathered.
Chapter 5 Solutions
GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
Ch. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Prob. 3RQCh. 5 - Distinguish among routine, nonroutine, and...Ch. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - As part of the verification of accounts receivable...Ch. 5 - Prob. 9RQCh. 5 - When in the course of an audit might the auditors...
Ch. 5 - Prob. 11RQCh. 5 - Prob. 12RQCh. 5 - Prob. 13RQCh. 5 - Prob. 14RQCh. 5 - Prob. 15RQCh. 5 - Prob. 16RQCh. 5 - Prob. 17RQCh. 5 - Prob. 18RQCh. 5 - Prob. 19RQCh. 5 - What disclosures should be made in the financial...Ch. 5 - Prob. 21RQCh. 5 - Prob. 22RQCh. 5 - Prob. 23RQCh. 5 - Prob. 24RQCh. 5 - Prob. 25RQCh. 5 - Prob. 26RQCh. 5 - Prob. 27RQCh. 5 - Prob. 28RQCh. 5 - Prob. 29RQCh. 5 - Prob. 30RQCh. 5 - Prob. 31RQCh. 5 - I have finished my testing of footings of the cash...Ch. 5 - Prob. 33RQCh. 5 - Prob. 34RQCh. 5 - Financial statements contain a number of...Ch. 5 - Prob. 36QRACh. 5 - In an audit of financial statements, the auditors...Ch. 5 - Prob. 38QRACh. 5 - Prob. 39QRACh. 5 - Prob. 40QRACh. 5 - Prob. 41QRACh. 5 - Prob. 42QRACh. 5 - Prob. 43QRACh. 5 - Prob. 44QRACh. 5 - Prob. 45AOQCh. 5 - Prob. 45BOQCh. 5 - Prob. 45COQCh. 5 - Prob. 45DOQCh. 5 - Prob. 45EOQCh. 5 - Prob. 45FOQCh. 5 - Prob. 45GOQCh. 5 - Prob. 45HOQCh. 5 - Prob. 45IOQCh. 5 - Prob. 45JOQCh. 5 - Prob. 45KOQCh. 5 - A difference of opinion concerning accounting and...Ch. 5 - Prob. 46OQCh. 5 - Prob. 47OQCh. 5 - Prob. 48AOQCh. 5 - Prob. 48BOQCh. 5 - Prob. 48COQCh. 5 - The cost of analytical procedures in terms of time...Ch. 5 - Prob. 48EOQCh. 5 - Prob. 49OQCh. 5 - Prob. 50PCh. 5 - Prob. 51PCh. 5 - Prob. 52PCh. 5 - Prob. 53PCh. 5 - Prob. 54PCh. 5 - Prob. 55PCh. 5 - Prob. 56P
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Similar questions
- a. Discuss in detail how Enron Scandal influenced the "true and fair view" concept in auditing. Support your answer with the relevant resource(s).arrow_forwardWhy is professional skepticism important when completing an audit? Please explain.arrow_forwardWhich of the following is not correct about professional judgment? a.Professional judgement is essential to the proper conduct of an audit b.Professional judgement is exercised throughout the audit c.Professional judgement is appropriately documented d.Professional judgement is used as justification for decisionsarrow_forward
- One of the uses of audit working papers is to prove the independence of the auditor. TRUE OR FALSE? WHY?arrow_forwardWhich of the following is an accurate statement about professional skepticism? Select one: a. Professional skepticism involves a critical assessment of the evidence. Professional skepticism involves a critical assessment of the evidence. b. Professional skepticism is only necessary for the audits of public companies c. It is easy for auditors to understand that their clients may try to deceive them throughout the audit process d. Professional skepticism is easy to implement in practice.arrow_forwardYou are required to read the following statement carefully, and then, discuss the factors behind the statement content, stating examples of how this content can be implemented: "Auditors develop overall audit plans to ensure that they obtain sufficient appropriate audit evidence. The timing and extent of audit procedures auditors use is a matter of professional judgement, which depends upon a number of factors". Plz don’t make it long answerarrow_forward
- Please i need help with answering this question for auditing assignment Critically evaluate the reality of auditor indpendence and the arguments for and against the role of the FRC.arrow_forwardRefer to the fundamental principles governing an audit. Under the responsibilities principle, auditors are required to exercise due care and maintain professional skepticism throughout the audit. Based on the case information, do you believe that the auditors from Friehling & Horowitz exercised due care and maintained professional skepticism throughoutthe audit? Why or why not?arrow_forwardWhat is the purpose of an external audit by an independent CPA firm? How does an auditor go about conducting an audit? How does a qualified opinion by an auditor differ from an unqualified opinion or an adverse opinion? Paragraph under 100 words pleasearrow_forward
- What do you focus on most when evaluating the relevance of information or audit evidence? Whether the information is obtained directly or indirectly. Whether the information comes from a reputable source. The completeness and accuracy of the information. The relationship of the information to the objective of the procedure being performed.arrow_forwardWhy should receiving reports be prenumbered in the first place? With the help of the receiving reports, what assertions would an auditor test, and how would the auditor go about doing so?arrow_forwardAssume your firm has decided to move forward. Referring to your evaluation of internal and external factors. explain why it would be appropriate for the external audit team to accept the client audit request. using examples to support your responsearrow_forward
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